CUT THEN CLEAN BULK?

My goal is to get <10% bf and add 25lbs of lean mass. I am having a tough time doing it given my hypothyroidism/inflammation issues.

Based on that & my bf @ 25%, I am thinking it would it make more sense to drop weight another 15-20lbs. first and then clean bulk it. My concern is losing mass at same time (my fat-free mass is only 130lbs).

What's the consensus of opinion of cutting first?

I have a scrip for test cyp but am afraid to start it with everything else going on.

I'd let the mirror be the guide if I were you and focus less on numbers. Numbers will tend to obscure your goals of how you want to look. Being cut is more attainable than trying to put X amount of weight on.
Gaining 25lbs of muscle is a tall order and geting under 10% bf is another obstacle. Is not going to be easy especially if you thyroid is not dialed in and suffer from inflamation.
If you go on a low carb/high protein/med fat you wont lose muscle unless your GH is in the toilette but you should be able to drop a decent amount of fat.
Def go on test, at your age will help a bunch unless your test is in the 800s.